Bitcoin to Roar Past $10,000? This Chart Will Supercharge Bullishness
Bitcoin continues to hover just under $10,000; however, a popular Bitcoin analyst has indicated that the cryptocurrency may be on its way to crazy figures over its current cycle.
— PlanB (@100trillionUSD) February 18, 2020
Based on the miner capitulation cycles in the chart above, the average cycle duration is about 2.5 years. The current cycle will likely continue until at least mid-2021. What is currently being observed on the chart is the beginning of what could be the most successful cycle of Bitcoin yet.
What makes the chart even more exciting is the expected boost the halving is going to give to the value of Bitcoin. The chart already looks this good before the halving. It is only going to get better.
Gaining Even Faster
Compared to previous cycles, the price of Bitcoin shot up even faster during this cycle. This is the result of years of improvement and success of Bitcoin and other blockchain-related products. More people are adopting technology, including investing in cryptocurrencies such as Bitcoin.
Further, Bitcoin is more widely accepted globally and is even being used as a payment option in various online and brick-and-mortar retail stores.
The demand for cryptocurrencies has increased significantly. The increment is visible in the prices of the cryptocurrencies. Despite efforts by various bodies to deter the growth of cryptocurrencies, they have proved valuable to the global economy.
‘Whale Whisper’ is Uber Bullish
As many had predicted, Bitcoin is on its way to shattering its all-time high. It is only a matter of time before the cryptocurrency becomes the most valuable asset in the market. If you weren’t bullish about the cryptocurrency, well this very influential Bitcoin trader, Angelo, has further fuelled massive optimism for the future.
Good luck, have fun.
— Angelo฿TC (@AngeloBTC) February 18, 2020
Featured Image Source: Pulso Sugeros
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com